Data from the National Pension Commission has shown that 312,771 Retirement Savings Account holders have moved about N1.41tn from one Pension Fund Administrator to another.
N1.41tn represents the value of assets that had been moved from one PFA to another in the last 16 quarters, the latest data from PenCom has shown.
Section 13 of the Pension Reform Act 2014 specifies that an employee can transfer his or her retirement savings account from one pension fund administrator to another, not more than once a year.
PenCom announced November 9, 2020, at the official launch of the Retirement Savings Account Transfer System.
According to PenCom, to initiate an RSA transfer, the RSA holder is not required to go to their current PFA (Transferring PFA).
Instead, the RSA holder should approach the PFA they intend to transfer to (receiving PFA) and provide their RSA PIN, surname, current telephone number, and email address.
The receiving PFA will validate the biodata of the RSA holder requesting a transfer. Thereafter, the RSA holder’s fingerprint will be captured to authenticate their identity as the final step to conclude the transfer request.
